Blue Way Developers Sells Jacksonville Office Portfolio

The three-building, 140,002-square-foot asset in the Mandarin submarket traded for $24 million.
JAX Offices
JAX Offices

Blue Way Developers has sold the JAX Offices, a three-building, 140,002-square-foot office portfolio in Jacksonville, Fla., for $24 million. JLL represented the seller and procured the buyer in the deal. According to Yardi Matrix data, two of the three assets previously traded in 2013, also in a portfolio sale financed with a $6 million loan from CenterState Bank.

The portfolio encompasses Buildings 200, 400 and 700 within the JAX Offices Business Park, a seven-building property in the Mandarin submarket. Built in 2002, 2004 and 2008, respectively, the Class B assets were 93.4 percent occupied at the time of sale, with medical and healthcare companies forming a third of the tenant roster.

Located at 12776 San Jose Blvd., some 22 miles south of downtown Jacksonville, the 7.2-acre property provides easy access to Interstate 295. The immediate area holds numerous shops and restaurants, with The Shops at Julington Creek across the road.

JLL Senior Director Robbie McEwan led the Capital Markets team assisting the seller in the disposition. McEwan was also instrumental in the recent $50.4 million sale of a two-building, 245,111-square-foot office portfolio in Orlando, Fla.